Men are still much more likely to own and invest in cryptocurrencies than women. According to The Motley Fool Ascent's 2024 Cryptocurrency Investor Trends Study, nearly half (46%) of all women surveyed said they were “very unlikely” to invest in cryptocurrencies, and 23% % said they were “somewhat unlikely” to invest in cryptocurrencies. That remains true despite the recent upturn in the cryptocurrency market and the launch of new investment products for cryptocurrencies. Bitcoin (Cryptocurrency: BTC).
So what's going on here? It's easy to simply say, “Women invest differently than men,” but let's dig deeper into the numbers to see what's going on. Indeed, more than 15 years have passed since the launch of Bitcoin, and the gender disparity that was seen in the early days of cryptocurrencies should not be there.
“I don't know what to do.”
One of the main concerns of skeptical women is that they don't know how to deal with it. In fact, more than a third (35%) of women surveyed cited this as a major concern about investing in cryptocurrencies.
This may be why even the launch of a new spot Bitcoin exchange-traded fund (ETF) hasn't had a big impact. People are still having a hard time understanding what they can actually do with it.
This is unfortunate because some of the most powerful voices for expanding the opportunities set in Bitcoin are women. Ark Invest's Cathie Wood, for example, has been making the case for more than two years why this is such a great long-term investment. At the same time, she has also helped explain its potential uses.
Bitcoin is best known as a long-term store of value (along with gold), but did you know that one of its most common uses is to send money across borders to friends and family? Or is it becoming more popular as a payment method in developing countries? Mobile devices are now ubiquitous around the world, making it easy for anyone to send Bitcoin with a few clicks and taps. became.
Lightning Labs CEO Elizabeth Stark has also emerged as a prominent voice explaining the potential uses of digital currencies. Her company is helping her build and expand her network of Bitcoin Lightning, an ultra-fast payment system built on the core Bitcoin blockchain.
As Stark describes it, the Lightning Network is becoming “the programmable financial layer of the Internet.” The more you can program this financial layer, the more you can do with Bitcoin.
“I don't know how to buy”
Another concern of the women surveyed was the perceived complexity of purchasing cryptocurrencies. Indeed, before the new Spot Bitcoin ETF was launched, there is no doubt that buying cryptocurrencies required at least a rudimentary understanding of how cryptocurrencies work.
But that all changed. Now it's as easy as buying your favorite tech stocks. As a result, the new Spot ETF should level the playing field for women and other underrepresented groups in crypto.
And since these ETFs were created by major companies like Fidelity Investments, you no longer have to worry about entrusting your money to someone like Sam Bankman Freed. This should help alleviate another major concern cited by women: security. Bitcoin prices may still be volatile, but at least you don't have to worry about your investment disappearing overnight.
Are men from Bitcoin and women from Ethereum?
If you're still convinced that “men are from Mars and women are from Venus,” maybe it's time to explore the crypto market and not just Bitcoin. There are literally thousands of different digital currencies, each supported by a blockchain ecosystem and dedicated community of investors, developers, and users.
when to invest Ethereum (Crypto: ETH), for example, investing in more than just “coins” or “tokens”. You're investing in that entire ecosystem. This includes decentralized finance (DeFi) projects, decentralized apps running on blockchain, non-fungible tokens (NFTs), and many niche blockchain projects that leverage smart contracts.
If you don't like Ethereum, you can always use it. cardano (Code: ADA), Solana (Code: SOL)or avalanche (cipher: AVAX).
So if you think cryptocurrencies are only for young white men, you're dead wrong. There's something for everyone. So, if you're still on the fence about investing in cryptocurrencies, it might be time to start exploring the diverse ecosystem at the heart of all major cryptocurrencies.
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Dominic Basulto has positions in Bitcoin, Cardano, and Ethereum. The Motley Fool has positions in and recommends Avalanche, Bitcoin, Cardano, Ethereum, and Solana. The Motley Fool has a disclosure policy.
Cryptocurrency enthusiasts are primarily young white men. Here's why I think everyone should invest in cryptocurrencies.Originally published by The Motley Fool
